440 E 27thLos Angeles, CA 90011

Description

Investment Highlights • Comprehensive 2024 Gut Renovation with New COFO: The entire building was gut renovated, resulting in a new Certificate of Occupancy issued in 2024. Over $1.2 million in capital improvements were completed, including all-new plumbing, electrical systems, drywall, paint, flooring, and cabinetry. This turnkey status provides investors with a high-quality asset and minimal immediate maintenance requirements. • Proven Micro-Unit Model with Strong Rental Yield: The building features 23 units comprised primarily of micro-units (87% studios) designed to serve budget-oriented residents in Los Angeles. This high-efficiency model yields an impressive rent of $5.28 per square foot, justifying the property's valuation through proven rental demand for smaller, affordable living spaces. • Immediate Financial Performance and High Returns: At an asking price of $3,000,000, the property offers a current CAP rate of 8.54% on the buyer's reassessed tax basis, with substantial mark-to-market upside as legacy leases are brought to the property's own recently-achieved renovated rents. • Substantial Built-In Revenue Upside: Financial projections show that monthly income can grow from the current $34,290 to a market rate of $38,337, representing an approximately 12% revenue increase as legacy leases are marked to market. • Strategic Location in Historic South Central Hub: Located at 440 E 27th Street, the property is nestled in a thriving rental hub near the University of Southern California (USC) and major transit routes like the Expo Line. The neighborhood is experiencing active revitalization and sits within a demographic area projected to have an average household income of $81,857 within a 3-mile radius by 2026.

Property Information

Property type

Residential Income

Sub-type

Apartment

Style

Spanish

Year built

1925

Stories

2

Building area

7,312 Sq Ft

Lot size

0.14 acres

Zoning

RD1.5-1

Days on market

234

MLS^® Listing#

SR26039501

Property Features

Interior

Ceiling Fan(s)

Appliances

Gas Oven · Gas Range · Refrigerator

Cooling

None

Heating

Natural Gas · Wall Furnace

Flooring

Laminate

Fireplace

None

Pool

None

Parking

None

Laundry

Common Area

Fencing

Wrought Iron

Lot features

Level · Near Public Transit · Rectangular Lot

Construction

Frame · Stucco

Roof

Flat

Security

Closed Circuit Camera(s) · Carbon Monoxide Detector(s) · Smoke Detector(s)

Community

Sidewalks

Utilities

Cable Connected · Electricity Connected · Natural Gas Connected · Sewer Connected · Water Connected

Sewer

Public Sewer

Water source

Public

Parcel number

5128009006

Directions

I-10E to South on Maple Ave to Left on 27th Street